Section 3(6) in The Fiscal Responsibility And Budget Management Act, 2003
(6)In particular and without prejudice to the generality of the foregoing provisions the Macro-economic Framework Statement shall contain an assessment relating to—(a)the growth in the gross domestic product;(b)the fiscal balance of the Union Government as reflected in the revenue balance and gross fiscal balance;(c)the external sector balance of the economy as reflected in the current account balance of the balance of payments. (6A)(a)The Medium-term Expenditure Framework Statement shall set forth a three-year rolling target for prescribed expenditure indicators with specification of underlying assumptions and risk involved.(b)In particular and without prejudice to the provisions contained in clause (a), the Medium-term Expenditure Framework Statement shall, inter alia, contain—(i)the expenditure commitment of major policy changes involving new service, new instruments of service, new schemes and programmes;(ii)the explicit contingent liabilities, which are in the form of stipulated annuity payments over a multi-year time-frame;(iii)the detailed breakup of grants for creation of capital assets.
